Weekend Unlimited Inc. (CSE:YOLO – FSE:0OS1) (“Weekend” or the “Company”) is pleased to announce the closing of its previously announced (November 13, 2018) acquisition of Verve Beverage Company (VBC).
“With the addition of Verve we now have a platform for Weekend to expand both its distribution and product offerings, THC by state where legal and CBD across the country. This distribution network will allow us to grow and manage indirect channel and big box placements nationwide for multiple brands in our portfolio,” said Mr. Paul Chu, Weekend President and CEO.
“Verve is a premium energy beverage with over $236 million USD in historical sales in the direct to consumer channel. VBC Brands owns the exclusive distribution license to launch this proven brand into retail stores in the US, Canada and Mexico, leveraging over $150 million dollars spent in marketing and developing the brand,” said Mr. Bradley Robb, President of VBC Brands.
“VBC’s CHAMP CBD and non-CBD beverages serve to extend our opportunities in the wellness industry, positioning the Company’s line to take advantage of growing demand as the market shifts in attitude, and legislatively, regarding quality cannabinoid products,” explained Mr. Robb. “As the official energy drink of the NHL’s San Jose Sharks, CHAMP sales and distribution will be initially focused in the California market,” added Mr. Robb.
Verve and CHAMP Highlights:
- Verve is uniquely positioned in the beverage market with a proven product and a recognized brand.
- Functional beverages is one of the highest growth categories in the beverage industry
- $100+ million spent developing the Verve brand globally
- Verve is physician formulated & clinically studied
- The Verve brand has sold $235+ million in historical direct to consumer sales, now positioned for retail distribution roll-out – the sales generated gross margins of approximately 50%
- Verve is launching a CBD infused beverage in 1st quarter 2019
- CBD-infused beverages are expected to become a $600 million market in the United States by 2022 according to Canaccord Genuity as reported in Bloomberg*
- VBC is introducing new emerging beverage brands such as Champ Energy under its exclusive distribution license
- Champ Energy is the official energy drink of the NHL’s San Jose Sharks
- VBC plans to launch additional CBD infused products and has plans to grow its retail footprint through its distribution network and retailer relationships throughout the United States in beginning in January 2019
- Website for VBC: www.vbcbrands.com
The Company will issue 60 million common shares to the shareholders of VBC. One half of those shares will be held pursuant to voluntary escrow agreements, that see 20% released immediately and the balance in equal installments every 6 months over the next 3 years.
For further information, please contact:
Mr. Paul Chu, President and CEO
Telephone: 1 (236) 317-2812 – Toll free 1(888) 556-YOLO (9656)
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “predicts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.